Naira Policy: ‘CBN Communication Department Yet To Receive Detail On Supreme Court Ruling’

The Supreme Court on Friday ruled that the old N200, N500 and N1,000 notes will remain legal tender until December 31.

The apex court also ruled that the N20,000 withdrawal limit set by the apex bank was illegal.

This is coming after some state governments filed a suit against the Federal Government on the naira swap policy of the Central Bank of Nigeria (CBN).

Following the ruling of the apex court, CBN has refused to speak on the judgement.

However, on Saturday, an official of the CBN who spoke with The Nation said the communications department of the apex bank has not been informed of any new developments on the Supreme Court judgement.

The official when asked when CBN will start releasing cash to banks said, “don’t have that information”.

Without any official pronouncement from the CBN, Deposit Money Banks (DMBs) cannot act outside the last instruction by the apex bank that N20,000 will be the withdrawal limit for individual account holders.

Another official of the CBN, when asked if the Supreme Court judgement describing the N20,000 withdrawal limit as illegal will negatively impact the CBN’s cashless policy said, “The cashless policy has been in operation since 2012 and many Nigerians are already keying into the idea”.